UK chipmaker Arm seems to have abandoned the idea of spinning off two of its businesses to its parent company, SoftBank Group.
According to a Wall Street Journal report, Arm decided to hit the brakes on the potential spin-off of two IoT-related subsidiaries, realizing it could achieve the same benefits by keeping them in-house.
The two businesses in question are called Treasure Data and IoT Platform. The former offers tools allowing businesses to gather and analyze IoT-generated data, while the latter is used to manage devices and allows for secure connection to networks.
The news of the potential spinoff was first broken in July, with the company's activist investor Elliott Management Corp pushing the Japanese group into selling some of its businesses to raise cash. The deal was originally supposed to be wrapped up by the end of next month.
ARM designs microprocessors used in the majority of smartphones around the world. The company's processes will also feature in future Mac computers after Apple decided to move away from Intel's x86 architecture.
It is also rumored that SoftBank is looking to take Arm public, with fellow chipmaker NVIDIA interested in acquiring the firm. SoftBank bought Arm in 2016 and has been running it as a separate entity ever since.